'Most common initiative' to increase property value is to undertake renovation

According to a survey by mortgage broking company Loan Market, over a third (37 per cent) of its home loan customers said they were saving for a major renovation rather than retirement savings, appliances and furniture.

Almost a quarter (23 per cent) said they were saving to landscape their property, with a company spokesman stating that many lenders looked favourably upon homeowners who borrowed for renovation purposes as they were adding to the value of their home.

Real estate company Ray White also backed this sentiment.

"In most cases, the most common initiative you can make to increase your property value and create your dream home is to undertake a renovation," said chairman of the Ray White Group Brian White.

Mr White said that for many homeowners buying the property is only "part of the goal" with putting a personal touch on the property by renovating essential to "truly building a dream home".

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Head to your local hire centre to get your hands on tools such as wallpaper removers, nailing guns, ladders, concrete grinders, and more!